, the consumer can keep his property, and time can be stretched past to pay for the overdue accounts. Further to this, if you have worked on a solution with your bankruptcy trustee, you may have enough time, around 3-5years to check on your delinquent accounts. Furthermore you will have the opportunity to make a single and combined payment which is to be distributed to the creditors.Overall filing a bankruptcy could have a have an adverse long lasting effect on the future of your credit report.The scars of bankruptcy would remain in your credit history for a span of seven to ten years. However this option surely gives a new beginning and lets you off from your in-debt' life.